eading global law firm Baker McKenzie advises ZCCM Investments Holdings Plc on its signing of an investment agreement with Abu Dhabi’s mining champion International Resources Holding RSC Limited (IRH) under which IRH commits to invest US$1.1 billion into Mopani Copper Mines Plc (Mopani), one of Zambia’s most important copper mining operations. The Transaction is subject to fulfilment of certain conditions precedent, which include the restructuring of the long term relationship between Glencore International AG and Mopani.
Mopani is central to the performance of the Zambian Copperbelt, which underlies President Hakainde Hichilema’s economic national development plan for the country. ZCCM-IH took full control of Mopani from Glencore in 2021 and, alongside IRH, will work with Mopani and the Government of the Republic of Zambia to pursue further opportunities in the Zambian mining industry, thus attracting further investment into the region. Rothschild & Co acted as financial adviser to ZCCM-IH on the transaction, with Giles Douglas leading.
Led by corporate partner Richard Blunt, Baker McKenzie’s team included:
- Transactional Energy team (London): Partners Richard Blunt, Philip Thomson and Susie Davies, Senior Associates Andrew Burleigh and Alexander Gee, Associates Andrew Paget, Priya Shah and Jacob Turner, Trainees Uzo Oforka and Hermon Bahru, and Johannesburg based partner Angela Simpson
- Banking (London): Senior Associate Philippe Bernier-Cormier and Associate Rory Tredwell
- Tax (London): Partner Oliver Pendred and Associate Thomas Roberts
- Competition: Partner Lerisha Naidu (Johannesburg), Of Counsel Robert Eriksson (London), Director Designate Angelo Tzarevski (Johannesburg) and Senior Associate Sphesihle Nxumalo (Johannesburg)
Commenting on the transaction, Richard Blunt (chair of Baker McKenzie’s global Energy, Mining, Infrastructure and Projects practice group), said: “We are delighted to have played a part in this exciting transaction, which is testament to the opportunity the Zambian market offers. The energy transition is accelerating and the global race for copper and cobalt is under way.”
